RMB on Track to Challenge Dollar and Euro in International Trade
The Chinese currency, the renminbi (RMB), is becoming more popular in international trade, but it's not yet a major player like the US dollar or the euro. China is working on making the RMB more widely used in global transactions, which is part of their plan for economic reform. They have set up RMB centers in different cities to attract investors. Chinese businesses using RMB for trade are helping to grow offshore RMB markets. However, the RMB can't become a fully international currency until China eases restrictions on money flowing in and out of the country.